OTTAWA, ON: The Canadian Taxpayers Federation is calling on the federal government to reduce spending following today’s Parliamentary Budget Officer Report forecasting a $48.5 billion deficit.

“The PBO report once again proves this government is not serious about reining in its overspending,” said Franco Terrazzano, CTF Federal Director. “The deficit is ballooning and this government has no idea how to balance a budget.”

The federal Fall Economic Statement forecasts a deficit of $40 billion this year. However, today’s PBO report projects a $48.5 billion deficit. 

The government’s 2023 budget promised to find “savings of $15.4 billion over the next five years.” However, the PBO report forecast $21 billion in net new spending. 

“There is currently little information available on the status of $15.4 billion in Budget 2023 spending reviews and the additional $2.4 billion in savings announced in the Fall Economic Statement,” the PBO said. 

“The feds talk a big game about finding savings, but the PBO report gives Canadians every reason to believe that’s just hot air,” Terrazzano said. “It’s time for Prime Minister Justin Trudeau to get serious about Canada’s finances, put down the credit card and pick up some scissors.”